New Record : French Financial Wealth Soars Past €6 Trillion

6,356.4 billion euros is the amount reached by the financial wealth of French households, an absolute record revealed by the Bank of France. This figure far exceeds the national public debt and surpasses the market capitalization of the CAC 40. Behind this impressive accumulation lies a societal choice : that of massive savings, oriented towards safety rather than yield. A French paradox, at a time when the economy calls for innovation and markets for controlled risk-taking.

A record wealth, driven by caution

While France is now described as being on the brink of financial bankruptcy according to several analyses, the deterioration of the country’s public finances contrasts with the apparent solidity of private wealth.

According to the latest figures published by the Bank of France, the financial wealth of French households stood at 6,356.4 billion euros as of December 31, 2024. This figure marks a 1.7 % increase over one year, although the absolute record remains that of the third quarter of 2024.

This increase was mainly driven by risk-free savings products, favored in a context of economic volatility. The Bank of France thus highlights that “the colossal size of this amount is driven by the high savings rate of the French (18 %)”, confirming a lasting trend to prioritize safety over yield.

Here is the detailed breakdown of this wealth :

• 2,089 billion euros are invested in life insurance and retirement savings plans (PER), including euro funds (capital guaranteed) and unit-linked funds (exposed to markets) ;
• 1,405 billion euros are allocated to unlisted shares and other participations, generally linked to entrepreneurial or patrimonial activities ;
• 955.7 billion euros are deposited in regulated savings products, such as Livret A or LDDS ;
• Nearly 550 billion euros lie dormant in non-interest-bearing current accounts.

This allocation structure illustrates a capital preservation strategy, where immediate liquidity and the absence of risk seem to take precedence over the search for yield. A culturally ingrained behavior, but one that, in light of market developments, is beginning to trigger criticism.

Investments deemed ineffective and opaque by some parliamentarians

While the French place their trust in classic products, it is not without criticism. In a recently published report, two deputies, Jean-Philippe Tanguy (RN) and François Jolivet (Horizons), are particularly tough on life insurance, which they describe as non-transparent and underperforming.

They point to “significant and unclear” management fees as well as historically low returns. They claim that between 1999 and 2021, unit-linked investments showed an average performance of –8 %. This statistic fuels the debate on modernizing popular savings and the need for reform.

The contrast is striking between this assessment and the emerging alternatives offered by digital finance. While billions remain frozen in non-interest-bearing current accounts or invested in underperforming products, mechanisms such as staking, crypto ETF, or interest-bearing stablecoins are experiencing significant growth in other European countries.

In France, however, these options struggle to take off. While this can partly be explained by a lack of financial education or still unclear regulation, there remains a real structural inertia in French wealth management. The weight of history, taxation, and the traditional banking offer hinders the exploration of alternative solutions.

This situation raises an essential question: how to reorient a part of these 6,000 billion euros towards vectors of innovation and yield, without betraying the legitimate caution of savers?

In a context of technological and monetary revolution, where traditional financial models are challenged, France still seems hesitant to take the step. However, as criticism intensifies, particularly around the growing fragility of traditional real estate, as evidenced by the collapse of a significant part of household wealth, and as decentralized products mature, a mutation of wealth allocation becomes inevitable.